The lawsuits continue against EV startup Rivian. Though it hasn’t built any vehicles to date, the company has an aggressive plan to manufacture its “Tesla killer” vehicles at the former Diamond Star Motors plant at Normal, Illinois, and sell its wares directly to customers via nine showrooms across the nation. Various parties take issue with both the building and selling facets at Rivian, and the company has lawsuits with dealers in Illinois as well as Tesla.
Rivian Automotive is seeking to go public in the fall and targeting a valuation of at least $50 billion, according to the latest reports. The all-electric startup company, supported by Amazon and the Ford Motor Company, has already amassed around $8 million from investors and was valued at $27.6 billion less than a month ago.
While we couldn’t possibly say what it’s actually worth, burgeoning EV manufacturers have performed incredibly well on the stock market lately. Rivian would almost assuredly see its valuation balloon to the targeted sum through an initial public offering. It already has a product line, 3,600 employees spread between the Midwest and California, some serious marketing under its belt, and a relatively strong relationship with a few of the world’s largest companies. We’ve seen more done with far less on Wall Street.
Tesla is accusing Rivian Automotive of poaching its employees and lifting trade secrets in a recent complaint filed in San Jose, CA. Founded in 2009 by Massachusetts Institute of Technology alum R.J. Scaringe, Rivian has made inroads with the automotive sector and established partnerships with entities like Amazon and Ford Motor Company ( we think).
While its home base is presently TBD, as the company considers shifting more of its staff to the West Coast, its mission has remained consistent — manufacture all-electric SUVs and pickups so they can wash over North America.
Rivian is one of those “Tesla killers” you keep hearing about before they suddenly blip out of existence, but it has enough weight behind it to potentially offer real competition in the future it plays its cards right. Tesla is just worried that some of those cards might not belong to Rivian.
An electric vehicle platform many can’t wait to get their hands on continues to make Rivian the upstart automaker to watch. The fledgling, Michigan-based automaker just closed a $1.3 billion investment round led by T. Rowe Price Associates, Inc. — pushing the company’s 2019 take to $2.8 billion.
With two utility vehicles on the way and a pledge to license its EV architecture to anyone willing to pay for it, Rivian’s big-buck backing from the likes of Ford, Amazon, and Cox Automotive was just the start.
The whisperings from earlier this week panned out, but only partway. Amazon, the e-commerce giant that’s probably sending a cookbook to your neighbor’s house as you read this, is leading a $700 million investment in Michigan-based automotive startup Rivian.
What’s missing from this news is General Motors, which, according to sources who spoke to Reuters and Bloomberg earlier in the week, was looking to sink its own cash into the company.
According to sources who spoke to Reuters and Bloomberg, GM is interested in acquiring a piece of Rivian’s action. The Detroit automaker, which recently expressed interest in building an electric pickup of its own, is reportedly in talks to invest in the Plymouth, Michigan-based company.
An abandoned assembly plant in Normal, Illinois, could once again become a beehive of car-building activity.
Opened in 1988 as a collaborative effort between Chrysler and Mitsubishi, the plant served as headquarters for a great 1980s corporate relic — Diamond-Star Motors. In its heyday, the facility dutifully cranked out Plymouth Lasers, Mitsubishi Eclipses, and Eagle Talons, before Chrysler lost interest in the 50-50 deal.
Turned over to Mitsubishi in 1995, the plant soldiered on after Diamond-Star Motors bit the dust. What followed was a parade of forgettable nameplates — Mitsubishi Mirage, Eagle Summit, even the Dodge Stratus Coupe — before a final shutdown earlier this year eliminated the last of 1,250 jobs and production of the Outlander Sport.
Now, the 2.4 million square foot plant could soon be home to a shadowy new tenant.
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